The first Economic Management and Competitiveness Credit for Viet Nam, EMCC 1, the first of a series of three operations, provides US$250 million concessional financing.
The credit supports reforms in seven policy areas, namely financial sector; fiscal policy; public administration and accountability; state enterprise management; public investment management; efficiency of the business environment; and equity and transparency of the business environment.
The EMCC will help monitor macroeconomic policies that support the stabilization efforts of the government.
Public Investment Management, SOE and banking sector reforms are prominent themes under the program, in line with the government’s priorities for structural reforms. EMCC aims to support the implementation of this reform program over the next three years.
The second credit worth US$50 million for the Higher Education Development Policy Operation 3 supports the implementation of the Governments higher education reform program with policies designed to strengthen governance, financing and quality of higher education.
Specifically, it supports efforts to improve the responsiveness of higher education and research; enhance fiscal transparency, sustainability and effectiveness of the higher education sector; and improve the quality of Higher Education institutions. This is the third credit in this series of operations.
The third project, the School Readiness Promotion Project (SRPP) aims to raise school readiness for children entering primary education, in particular for those most vulnerable to not succeeding in a school environment.
It will support selected elements of the National Program on “Universal Early Childhood Education for five- year- old Children 2010-2015 (Decision 239) with a financing envelope of US$100 million.
Specifically, the project supports efforts to expand full-day preschool enrollments, improve capacity for preschool quality assurance and strengthened professional expertise of teachers and principals.
All three credits come from the International Development Association, the World Bank Group’s concessional lending window for low income countries./.
Source: worldbank.org